{"id":114948,"date":"2026-05-08T00:00:00","date_gmt":"2026-05-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?p=114948"},"modified":"2026-05-08T05:59:08","modified_gmt":"2026-05-08T05:59:08","slug":"brookfield-alshaya-group-form-dubai-hills-jv-and-apis-partners-closes-usd-1-23-bn-third-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/08\/brookfield-alshaya-group-form-dubai-hills-jv-and-apis-partners-closes-usd-1-23-bn-third-fund\/","title":{"rendered":"Brookfield + Alshaya Group form Dubai Hills JV and Apis Partners closes USD 1.23 bn third fund"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Banks, investors, and global financial services firms are all on a strong <\/strong><strong>business-as-usual footing as the week draws to a close. PIF<\/strong> priced a three-part USD bond <a target=\"_blank\" href=\"https:\/\/english.aawsat.com\/business\/5270756-saudi-pif-sets-three-part-dollar-bond-spreads-demand-tops-216-bln\" style=\"\">yesterday<\/a> into more than USD 216 bn of demand (we have more above). <strong>FAB<\/strong> followed with the first international GCC sukuk since the war started \u2014 twice oversubscribed at 85 bps over US Treasuries. <strong>Ta\u2019ziz<\/strong> closed USD 2 bn for its Ruwais methanol plant from 11 banks across Europe and Asia (including our friends at Mashreq), taking Make it in the Emirates from talking point to syndicated paper. And <strong>Brookfield<\/strong> and <strong>Alshaya<\/strong> signed a JV for a big mixed-use development in Dubai Hills in the same week Dubai real estate and GCC retail were supposed to be the sectors carrying the heaviest war discount. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UP FIRST- Brookfield Asset Management and Alshaya Group are forming a JV for a 480k <\/strong><strong>sq ft mixed-use development in Dubai Hills<\/strong>, including Grade A office, build-to-rent residential, and retail in a single site, per a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/brookfield-and-alshaya-group-launch-joint-venture-to-develop-mixed-use-development-in-dubai-hills-dor4w669\" style=\"\">press release<\/a>. Brookfield Properties is leading development, with Alshaya anchoring the office and integrating its retail brands across the site. Brookfield is one of the world\u2019s largest alternative asset managers, with c. USD 1 tn AUM and a real estate book in the same conversation as Blackstone. Alshaya is the Kuwait-headquartered family-owned franchise operator behind Starbucks, H&M, Mothercare, and dozens of other Western brands in MENA+, with c. 85k employees on the ground.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> A big global allocator coming in during the middle of a war shock \u2014 even as <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/26\/is-dubai-real-estate-credit-cracking\/\" style=\"\">some Dubai developer bonds<\/a> \u2014 is the latest in a string of data points suggesting global capital is looking beyond the war and sees the UAE\u2019s long-term potential. The split between top-tier and mid-tier Dubai real estate is widening, and a Brookfield-Alshaya project at Dubai Hills sits cleanly on the top-tier side of the line.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Apis Partners has closed its third fund at USD 1.23 bn \u2014 more than double its predecessor<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20260506645124\/en\/Apis-Partners-Announces-Final-Close-of-%241.23-Billion-Fund-III-Double-its-Predecessor\" style=\"\">it said in a statement<\/a> \u2014 a vote of confidence in the London-based PE firm\u2019s sector-focused bet on tech-enabled financial services. Existing LPs accounted for around half of the capital raised. New backers include sovereigns, supranationals, banks, insurers and pension funds. Apis has already deployed around USD 400 mn from Fund III across seven investments, including UK digital wealth manager MoneyBox, prepaid digital goods platform Coda Recharge, and Singapore-headquartered cross-border payments firm Thunes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Closing a fund of this size in a year of regional war is no small thing.<\/strong> \u201cClosing 23% above target and with over 70% of our existing investors increasing their commitments, this is a clear reflection of the confidence our diversified LP base places in our sector-specific strategy and our ability to generate returns,\u201d our friend Hossam Abou Moussa, partner at Apis, told us. The firm ranked second globally \u2014 and was the highest-ranked European PE firm \u2014 in the 2025 HEC Paris\u2013Dow Jones Growth Equity Investor Ranking.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MENA+ is central to Apis\u2019 thesis.<\/strong> Fund III is continuing to back MNT-Halan, the Egyptian-born fintech Apis first invested in in 2021 and which now operates across Egypt, Turkey, Pakistan, and the UAE. \u201cThis partnership is a living example of why we remain deeply committed to Egypt and the broader region,\u201d Hossam said. \u201cThe talent is here, the ambition is here, the progressive regulatory framework is here and the opportunity to build world-class financial infrastructure businesses is as compelling as anywhere in the world.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi\u2019s Fakeeh Care signed binding terms to acquire 100% of Dr. Mohammed Bin Rashed <\/strong><strong>Al Fagih & Partners for SAR 1.6 bn in cash<\/strong>, financed through a mix of self-funding and bank debt, per its <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95005&anCat=1&cs=4017&locale=en\" style=\"\">Tadawul disclosure<\/a>. Dallah Healthcare exits with SAR 498 mn for its 31.21% stake \u2014 its <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=94979&anCat=1&cs=4004&locale=en\" style=\"\">own disclosure here<\/a>. The target: a single 350-bed multi-specialty Riyadh hospital that swung from a SAR 73 mn loss in 2023 to SAR 48 mn net income in 2025 on revenue up 24% to SAR 466 mn. PwC and White & Case advised.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Combined with Fakeeh\u2019s existing 185-bed Riyadh facility, the deal builds a 535-bed two-site cluster \u2014 the kind of footprint impossible to construct organically in a market where Dallah, NMC, Sulaiman Al Habib, and Mouwasat are all running parallel consolidation plays. Saudi healthcare M&A is the cleanest pure-play we\u2019ve got on the Health Sector Transformation Program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi VCs are doubling down while foreign funds pull back<\/strong>, per <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-06\/saudi-venture-firms-press-ahead-with-fundraising-despite-war\" style=\"\">Bloomberg<\/a>. <strong>Khwarizmi <\/strong><strong>Ventures<\/strong> has lined up over USD 70 mn for the first close of its second fund and is already deploying. <strong>Sharaka Capital<\/strong> is preparing a USD 30 mn vehicle on top of SAR 350 mn AUM. <strong>Sadu<\/strong> is targeting USD 70 mn this year, heading to USD 100 mn AUM by year-end. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>State-backed entities are key to this: <\/strong>They now make up roughly a third of Khwarizmi\u2019s investor mix, where foreign investors accounted for 29% of Saudi venture funding in 2025. The MENA venture market was <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/02\/mapping-the-ripple-effects-of-the-war-on-mena-venture-capital-magnitt\/\" style=\"\">flat at USD 799 mn in 1Q<\/a> per Magnitt, with international participation continuing to drag.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We saw a torrent of earnings this week, with regulated and infrastructure-style <\/strong><strong>companies taking in stride the hit to their March results <\/strong>from the war in the Gulf. <strong>Saudi Energy<\/strong> <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=93410&anCat=1&cs=5110&locale=en\" style=\"\">reported net income up<\/a><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=93410&anCat=1&cs=5110&locale=en\" style=\"\">89% y-o-y<\/a> bn on a growing regulated asset base, while the UAE\u2019s <strong>Parkin<\/strong> turned in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/371.pdf\" style=\"\">record AED 185.1 mn<\/a> in net profit and is pushing ahead with its dividend plan. <strong>Emirates Group<\/strong> <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2026\/may\/07-05\/emirates-group-achieves-record-profit-in-2025-26\" style=\"\">recorded<\/a> strong FY 2025-2026 net income and says about three-quarters of its capacity is already restored, while Saudi insurer <strong>Tawuniya<\/strong> grew its bottom line <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=94997&anCat=1&cs=8010&locale=en\" style=\"\">10.1%<\/a> and said it\u2019s going to ramp up investments in AI.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The other side of the line:<\/strong> <strong>Saudi Ground Services<\/strong> <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95010&anCat=1&cs=4031&locale=en\" style=\"\">saw net income down<\/a><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95010&anCat=1&cs=4031&locale=en\" style=\"\">38.1%<\/a> on a softer Umrah window, KSA pharmacy player <strong>Nahdi<\/strong> <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=94995&anCat=1&cs=4164&locale=en\" style=\"\">saw a 7.6% drop<\/a> in net profit on expansion costs. <strong>Savola <\/strong>buffered its bottom line with proceeds with the one-off gain from its exit of Sudan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>First Abu Dhabi Bank tapped international markets on Wednesday for a USD 700 mn <\/strong><strong>five-year senior unsecured sukuk, twice oversubscribed<\/strong>, per <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/economy\/islamic-economy\/first-abu-dhabi-bank-prices-700mln-5-year-benchmark-sukuk-orderbook-tops-15bln-do4motxr\" style=\"\">Zawya<\/a>. It\u2019s the first international Islamic bond out of the GCC since the war escalated. The notes priced at 85 bps over US Treasuries, tightened from 115 bps in initial guidance, with a reoffer yield of 4.859%. That was flat-to-negative against FAB\u2019s secondary curve, but still 25 bps wider than its <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/01\/14\/fab-issues-usd-750-mn-senior-unsecured-notes\/\" style=\"\">USD 750 mn senior issuance<\/a> in January.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters: Emirates NBD<\/strong> took an <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/30\/enbd-reopens-at1-market\/\" style=\"\">AT1 to market last week<\/a> \u2014 which tightened to 6.25% from 6.75% on strong demand \u2014 and the message is consistent: investment-grade GCC paper is attractive, and issuers are willing to pay a modest standoff premium rather than wait for spreads to fully reset.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Rajhi Capital\u2019s Indirect Financing Fund 4 was fully subscribed in one week<\/strong>, raising over SAR 1.3 bn to invest in personal financing contracts from a Sama-licensed firm, according to a <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1902819\" style=\"\">press release<\/a>. The private closed-end fund, which secured an AA+ credit rating, is designed to provide monthly distributions over a three-year term at a medium risk level, extendable for two additional one-year periods.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ALSO WORTH KNOWING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Arada<\/strong> is taking 80%+ of <strong>Reem Hospital<\/strong> from <strong>Investcorp Capital<\/strong> and a group of co-sellers, with AED 2 bn earmarked for expansion, per <a target=\"_blank\" href=\"https:\/\/www.arada.com\/en\/latest-news\/arada-makes-strategic-move-into-healthcare-with-acquisition-of-majority-stake-in-abu-dhabis-reem-hospital\/\" style=\"\">Arada\u2019s statement<\/a>. A Sharjah developer pushing into Abu Dhabi healthcare is unusual. We\u2019re reading Investcorp Capital\u2019s exit as part of a wider PE rotation out of healthcare as listed operators consolidate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BNY<\/strong> is teaming up with IHC\u2019s <strong>Finstreet<\/strong> and <strong>ADI Foundation<\/strong> on institutional crypto custody at ADGM, with BNY providing regulated custody for BTC and Ethereum. Finstreet will bring the regulated infrastructure, while ADI runs the chain, per a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/bny-together-with-finstreet-limited-and-adi-foundation-announce-strategic-collaboration-xvuxedi3\" style=\"\">press release<\/a>. It\u2019s the second major institutional digital-asset venture anchored at ADGM in three months, after February\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/12\/this-morning-emirates-nbd-tightens-pricing-on-green-notes-dxb-had-another-record-year\/\" style=\"\">DDSC AED-pegged stablecoin<\/a> launch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Market Snapshot<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul<\/strong> +0.8% \u2022 <strong>ADX<\/strong> 0.0% \u2022 <strong>DFM<\/strong> +0.6% \u2022 <strong>EGX30<\/strong> +2.0%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 102.6 \/ bbl \u2022 Gold USD 4,712 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 53.82<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: First Abu Dhabi Bank tapped international markets with 2x oversubscribed sukuk<\/p>\n","protected":false},"author":1,"featured_media":114949,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2630],"tags":[2859,2633,2466,2538,2687,2628],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-114948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets-deals","tag-apis-partners","tag-banking","tag-debt","tag-enterpriseam","tag-investment-watch","tag-markets-deals","wpautop","entry"],"acf":{"mongo_id":"7675c9d4-2bcf-40bf-940a-0f03f856233e","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/5\/384.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The premium that wasn\u2019t?","related_issue":[114935],"teaser":"Plus: First Abu Dhabi Bank tapped international markets with 2x oversubscribed sukuk"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Brookfield + Alshaya Group form Dubai Hills JV and Apis Partners closes USD 1.23 bn third fund - MENA+ Edition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/08\/brookfield-alshaya-group-form-dubai-hills-jv-and-apis-partners-closes-usd-1-23-bn-third-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brookfield + Alshaya Group form Dubai Hills JV and Apis Partners closes USD 1.23 bn third fund\" \/>\n<meta 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